New Horizons for the Banking Industry

What is mobile banking?

A smartphone is no longer for simply making calls or sending text messages. It has become an integral part in a majority of our lives, with a lot of people finding themselves unable to function without a smartphone anymore. We send out work emails, order groceries, food, clothes, etc, get updated on social happenings, entertain ourselves with movies or games and so much more. Now banks too are getting on the bandwagon as customers become more accepting of the instant banking opportunities from using an app.

Digital banking apps allow customers to conduct regular banking services on their phones rather than what would normally have been done by having to physically visit a bank branch, call their bank relationship managers or wait for email replies from their bank. Crucial yet simple features like account balance inquiries, transfer money, open a Fixed/ Recurring Deposits and much more are available just from the touch of a button.

Why should you try mobile banking?

The ability to view your bank balance at any time, anywhere must be appealing to most people as well as not needing to visit a bank branch. The accessibility of being able to conduct one’s banking activities from their mobile phone whether they are at home, work or anywhere out. Using a mobile banking app saves you from the time and effort of standing in a queue at the bank branch. If you need to pay back a friend or family member, funds are transferred immediately from the app. Lastly the security of these mobile banking apps are some of the best out there with multi factor security features, allowing you to conduct your banking worry-free.

Difference between mobile banking and internet banking?

With banking moving online to adapt with times and demands of the “always on the go” customers, mobile banking has been a welcome addition to society. Internet banking allows users to manage banking as well as non-banking proceedings from a laptop or computer without ever having to leave their homes. Mobile banking went a step further by allowing these customers to bank online anywhere right from their smartphone. However, online banking portals generally still offer more facilities when compared to mobile banking though majority are still available on both.

Mobile banking facilities

Check Bank Balance Transfer Money to Other Accounts Use NEFT / RTGS / IMPS to make payments Apply for New Credit Cards
Block Lost/Stolen Cards Open an FD/RD Check Loan Status/Apply for Loan Pay Credit Card Bills
Utilities Bill Pay Feature Mobile Phone Recharge Request New Cheque Book Apply for Insurance
Foreign Currency & Travel Cards Open Trading Account Invest in Mutual Funds Make UPI Payments

 

How secure is mobile banking?

Majority of the banking apps have a two-factor authentication meaning that to login and any other transactions require a special six digit PIN to be put every time. For a transaction to go through, users would be getting an SMS/Email with a new PIN. Everytime something is done on your banking app like transfer money or pay a bill, the user gets an email and a SMS. This means customers will be immediately aware if their bank account is being misused and they can contact the bank immediately. Lastly all app users’ data encrypted and kept on the bank’s record under tight security.

Key Takeaways

  • Mobile Banking saves you time, effort and can be used anywhere.
  • Transfer Money, check account balances, pay bills and much more.
  • Banking apps are extremely secure with six digit PINS needed for every transaction.